N.J.S.A. 12A:7-207 — Goods must be kept separate; fungible goods.

12A:7-207. Goods must be kept separate; fungible goods. 12A:7-207. Goods Must Be Kept Separate; Fungible Goods. a. Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled. b. If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated. L.2013, c.65, s.2.

This is the verbatim text of N.J.S.A. 12A:7-207, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.